Ghana

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The Republic of Ghana is a country in West Africa. It spans the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with the Ivory Coast in the west, Burkina Faso in the north, and Togo in the east. Ghana covers an area of 238,535 km2 (92,099 sq mi), spanning diverse geography and ecology that ranges from coastal savannahs to tropical rain forests. With over 31 million people as of 2021, Ghana is the second-most populous country in West Africa, after Nigeria. The Mineral Sector plays a major role in ghana's economy, being the larget tax-paying sector and contributes to gross domestic product GDP. The primary commercially exploited minerals in ghana are gold, diamond, manganese, and copper. In 2020, gold accounted for 97.2% of gross mineral revenue. Ghana is Africa's largest gold producer, having overtaken South Africa in 2019 with 4.8million ounces in output as compared to South Africa with 4.2 million ounces

Quick Facts

Gold

Primary Mineral

1,000 MT

Estimated Reserves

Undisclosed

Tax Benefits

6+

Active resource businesses

There is a history of mining in Ghana that pre-dates the colonial era and is the reason Ghana is known as the Gold Coast. Most Ghanaian mining production was state-owned, but since the Economic Recovery Program entered by the PNDC government in 1983, Ghana has attracted foreign investments and pushed towards privatization and state divestiture. Some of the major mining companies in Ghana are Newmont Goldcorp (American), Canadian and Australian. There are also South African companies such as Goldfields and AngloGold Ashanti. The mining sector plays a vital role in the Ghanaian economy, as it attracts more than half of all foreign direct investment (FDI) and generates more than one-third of all export revenues. In 2019, the top three exports of Ghana were Gold ($10.8B), Crude Petroleum ($4.68B), Cocoa Beans ($1.61B), Cocoa Paste ($504M), and Manganese Ore ($489M), mainly exporting to Switzerland ($4.92B), India ($3.62B), China ($2.67B), United Arab Emirates ($1.83B), and South Africa ($1.72B).

Ghana is also endowed with deposits of iron ore, limestone, columbite-tantalite, feldspar, quartz, and salt, and there are also minor deposits of ilmenite, magnetite, and rutile. Small-scale gold mining plays a significant role in Ghana, contributing two-thirds of the country’s output in 2016. According to the Ghana Labor Force Survey,  257,606 people are engaged in household enterprises in the mining and quarrying sub-sector. Ghana has improved in the ease of doing business by improving the review process and increasing the availability of equipment for new electricity connections, thereby making getting electricity faster

There have been discussions in Ghana around whether companies comply with local content requirements. Ghana’s petroleum regulations on local content mandate extractive companies to meet specific human resource and supply chain requirements. The EITI reports show that these requirements are met, with 80% of the jobs generated by the sector being held by Ghanaian nationals and 78% of total mining procurement going to local sources of goods and services.

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